Is 56537, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 56537 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 56537 has remained a Seller's Market.

Key Takeaway

56537 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 56537, MN

How much do homes in 56537, MN cost?

Median Sold Price

$225,000

$128/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$24,000(+11.9%)

Key Takeaway

Homes in 56537 have sold for 11.9% more than they did a year ago.

Summary: The median home sold price in 56537 was $225,000 in October 2024, up 11.9% from last year, and the median price per square foot was $128.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $97.5K$76.5K
-21.5%
2 $169.9K$165K
-2.9%
3 $176.2K$221K
+25.4%
4 $255K$262.5K
+2.9%
5+ $272.4K$371K
+36.2%

Summary: 56537 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.5%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes increased by 25.4%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes increased by 36.2%.

Median Sold Price Compared To Nearby Zip Codes

56537
+11.9%
56586
+8.8%

Housing Supply in 56537, MN

How many homes are available in 56537, MN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
9986-13.1%

Summary: The 56537 real estate market had 86 homes for sale in October 2024, a 13.1% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1712
-29.4%
3 4140
-2.4%
4 2422
-8.3%
5+ 1712
-29.4%

Summary: The 56537 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 29.4%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes decreased by 29.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2926-10.3%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 56537, you may be able to get a good deal. 46.2% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in 56537 in October 2024, down by 10.3% month-over-month. Of the 26 sold homes, 46% were sold under asking, 31% were sold at asking, and 23% were sold over asking.

Days on Market for 56537, MN

How long does it take to sell a home in 56537, MN?

Average Sale Time

Oct 2023Oct 2024CHANGE
38 Days29 Days-24.0%

Summary: Homes in 56537 had an average of 29 days on market in Oct 2024, down by 24% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 56537 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 26 homes were sold in 56537; 58% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in 56537, MN

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